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ICP Group has appointed Chris Pappas to its Board of Directors, bringing extensive experience in specialty chemicals, coatings, and adhesives. Pappas, former CEO of Trinseo and former board member at FirstEnergy (NYSE: FE) and chairman at Univar (NYSE: UNVR), aims to guide ICP’s growth strategy. CEO Doug Mattscheck expressed confidence in Pappas enhancing the company's market position through organic growth and acquisitions, as ICP expands its leading platform in the coatings and adhesives industry.
Positive
Chris Pappas brings significant industry experience to the Board, enhancing strategic guidance.
Appointment aligns with ICP’s growth strategy, potentially strengthening market presence.
Negative
Concerns about continuity and governance given the new management dynamics.
BOSTON--(BUSINESS WIRE)--
ICP Group (“ICP” or the “Company”), a leading formulator and manufacturer of specialty coatings, adhesives, and sealants serving the construction and industrial end markets, is pleased to announce the appointment of Chris Pappas to its Board of Directors. Mr. Pappas brings extensive executive and board experience with private and publicly traded companies in the specialty chemicals, coatings, adhesives, and sealants markets. Mr. Pappas will help provide guidance to ICP’s growth strategy and continued evolution into one of the largest coatings and adhesives platforms in the industry.
Most recently, Mr. Pappas was as a special advisor and board member at Trinseo S.A., a plastics, latex and rubber producer. Mr. Pappas served as Chief Executive Officer of Trinseo from 2010 to 2019. Prior to Trinseo, he spent nearly a decade at Nova Chemicals Corporation in the roles of President and CEO, Chief Operations Officer, and Senior Vice President. Mr. Pappas began his career at The Dow Chemical Company. In addition to his executive experience, Mr. Pappas serves as Board Member at FirstEnergy (NYSE: FE) and as Chairman of the Board at Univar (NYSE: UNVR). Mr. Pappas earned a Bachelor of Science degree in Civil Engineering at Georgia Institute of Technology and a Master of Business Administration from the Wharton School of the University of Pennsylvania.
"We are pleased to welcome Chris to ICP Group’s Board of Directors," said Doug Mattscheck, CEO of ICP Group. "Chris joins our Board at an exciting time as we continue to expand and drive forward our strategy of building a rapidly growing and leading platform in the coatings and adhesives industry through organic growth, acquisitions, and international expansion. Chris will provide valuable perspectives from his years of experience in driving strategy and execution in the broader specialty chemicals market. We look forward to his contributions and perspective."
Don Bramley, Managing Director at Audax, said, “As a leader in the specialty chemicals industry, Chris brings relevant and valuable experience to the ICP Board of Directors. His depth of experience with both private and publicly traded companies will be an asset to the ICP team as the Company enters the next phase of growth.”
“The ICP team and Audax have done a great job of building a leading platform in the specialty coatings, adhesives, and sealants industry. I’m looking forward to working with Doug, Don and the rest of the Board on the many opportunities ahead,” said Chris Pappas.
About ICP Group
ICP Group is a leading formulator and manufacturer of specialty coatings, adhesives, and sealants serving the construction and industrial end markets. ICP Group is organized into two separate business groups, ICP Building Solutions Group and ICP Industrial Solutions Group, comprised of market leading brands known for innovation, quality, and performance. Founded in 2015, ICP Group has scaled rapidly through organic and acquisition growth into one of the largest coatings, adhesives, and sealants companies in North America. ICP Group is headquartered in Andover, MA and has manufacturing and distribution sites throughout North America, Latin America, and the Asia Pacific region. For more information, visit the ICP Group website: www.icpgroup.com.
About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $7 billion in more than 140 platforms and over 1,000 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 300 employees, Audax is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website: www.audaxprivateequity.com or follow Audax on LinkedIn.
